I'm still arming myself with as much knowledge as I can to make sure I start off the right way.

If I put down 15% they will stay cash flow but won’t be a ton extra.

I would like to speak with an attorney who is well versed not only in landlord-tenant law but also has knowledge regarding the tax implications of selling (we would most likely be selling at a loss).

He seems to be a very knowledgeable person and has been flipping for MANY years.

I’m not looking to receive a paycheck just looking to exchange my service/ time for your knowledge.

We own 1, closing on a 2nd, and want to get more.We started out just doing extra rooms in our house and we have learned a lot, and you ARE ABSOLUTELY asking the right questions.To dive right into it, the first thing I always recommend is to ALWAYS buy not only where it is legal, but we prefer to buy in places that already have established regulation.

It causes me a few extra trips a year to reset a breaker, but I have to believe it makes the tenants more prudent about overloading if they know they have to call me to get it reset.Other than resetting the breaker, I can see no other good reason a landlord would allow tenants access to the basement mechanicals. 

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

I’m not sure how deeply any of you have gotten into the inner workings of the 203K loan, but in the spirit of sharing knowledge, I started a discussion on the subject here: The 203K Loan - Open Discussion.

The tax is not your responsibility, but knowledgeable IRA investors will want to see the relevant numbers reflected on their K-1s. 401k investors do not present this issue, as real estate acquisition indebtedness does not result in UDFI to Qualified Plans.